MIRA INFORM REPORT
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Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
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Name : |
EPSON DIRECT CORPORATION |
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Registered Office : |
Seiko Epson Murai Office, 2-21-45 Muraimachi-Minami
Matsumoto City Naga no-Pref 399-8703 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
November
1993 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale, retail
of PCs, printers, scanners, digital cameras |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 437.3 Million |
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Status : |
Small Concern |
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Payment
Behaviour : |
Regular |
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Litigation : |
----- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
EPSON DIRECT CORPORATION
REGD NAME
Epson Direct KK
MAIN OFFICE
Seiko Epson Murai Office,
2-21-45 Muraimachi-Minami Matsumoto City Naga no-Pref 399-8703 JAPAN
Tel: 050-2000-3706 Fax: 0263-85-6100
URL: www.shop.epson.jp
E-mail: info@shop.epson.jp
ACTIVITIES
Wholesale,
retail of PCs, printers, scanners, digital cameras, other
BRANCHES
Tokyo
OFFICER(S)
HIRONORI
YOSHIZAKI, PRES
Yasuji Kawai, dir
Hideya Yamamoto, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 16,470 M
PAYMENTS REGULAR CAPITAL Yen 150 M
TREND SLOW WORTH Yen 2,120 M
STARTED 1993 EMPLOYES 200
COMMENT
WHOLESALER OF PC’s, INKJET
PRINTERS, SCANNERS, OTHER PERIPH-ERALS, WHOLLY OWNED BY SEIKO EPSON GROUP
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$650,000 / O/A 60 DAYS
MAX CREDIT LIMIT: YEN 437.3
MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a division separated from Epson Sales Japan Corporation, wholesaler of products mfr’d by Seiko Epson Corp, Tokyo (See REGISTRATION). This is a trading firm for import, export and wholesale of PCs, inkjet printers, scanners, digital cameras and accessories. Goods are also retailed online.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 16,470 million, a 9% down from Yen 18,100 million in the previous term. The firm had recall claims for some products in the previous term and could not recover from that loss in this fiscal term. The operations improved from the deficit to register Yen 543 million net profit, compared with Yen 530 million net losses a year ago.
For the current term ending Mar 2012 the net profit is projected at Yen 550 million, on a 3% rise in turnover, to Yen 17,000 million. New products of mainstay ink-jet printers are in much demand and will contribute to sales growth. Sales of business-use printers are expected to fare well.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 437.3 million, on 30 days normal terms. The proposed amount for 60 days terms is considered well within the firm’s financial capacities.
REGISTRATION
Date Registered: Nov 1993
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 12,000
shares
Issued: 3,000
shares
Sum: Yen 150 million
Major shareholders (%):
Epson Sales Japan Corp* (100)
* Domestic wholesaler of Seiko Epson’s products, wholly owned by Seiko Epson Corp**, founded 1983, capital Yen 4,000 million, sales Yen 208,084 million, employees 1,613, pres Seiichi Hirano
** Top-class domestic mfr of printers & one of world’s largest inkjet printers, founded 1959, Listed Tokyo S/E, capital Yen 53,204 million, sales Yen 973,663 million, operating profit Yen 32,709 million, recurring profit Yen 31,174 million, net profit Yen 10,239 million, total assets Yen 798,229 million, net worth Yen 269,262 million, employees 74,551, pres Minoru Usui
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales and retails (online) OA equipment, the products of Seiko Epson Corp: inkjet printers, scanners, digital cameras & accessories, software (--100%)
Clients: [Wholesalers, business firms, consumers] Epson Sales Japan Corp, EDION Corp, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Epson Sales Corp, Microsoft Japan, Pegatron, Ryoyo Electro Corp, Sharp Corp, Marubun Corp, Samsung Japan, other
Payment record: Regular
Location: Business area in Nagano. Office premises at the caption address are owned by the parent, Seiko Epson Corp, and maintained satisfactorily.
Bank References:
· Mizuho Bank (Matsumoto)
· Hachijuni Bank (Hirooka)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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17,000 |
16,470 |
18,100 |
22,700 |
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Recur.
Profit |
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Net
Profit |
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550 |
543 |
-530 |
-732 |
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Total
Assets |
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4,807 |
5,996 |
6,886 |
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Current
Assets |
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4,718 |
5,865 |
5,108 |
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Current
Liabs |
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2,201 |
4,021 |
3,616 |
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Net
Worth |
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2,120 |
1,573 |
2,137 |
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Capital,
Paid-Up |
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150 |
150 |
150 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.22 |
-9.01 |
-20.26 |
-12.02 |
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Current Ratio |
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.. |
214.36 |
145.86 |
141.26 |
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N.Worth Ratio |
.. |
44.10 |
26.23 |
31.03 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
3.24 |
3.30 |
2.93 |
-3.22 |
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Return On Equity |
.. |
25.61 |
33.69 |
-34.25 |
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Notes: Forecast (or estimated) figures for the 31/03/2012
Fiscal Term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.29 |
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UK Pound |
1 |
Rs.72.37 |
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Euro |
1 |
Rs.64.17 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.